GATINEAU, QC, Aug. 31 /CNW Telbec/ - (GLH.UN) - Brookfield Renewable
Power Fund (formerly Great Lakes Hydro Income Fund) (the "Fund") is pleased to
announce today the closing of the previously announced transaction (the
"Transaction") resulting in the Fund's acquisition of 15 hydroelectric
stations and one soon-to-be-constructed wind power project from Brookfield
Renewable Power Inc. ("BRPI"), and an increase in the price BRPI pays the Fund
for power generated at the Fund's Lièvre and Mississagi facilities. As
previously announced, the Transaction was approved by over 98% of the votes
cast by minority unitholders of the Fund at a special meeting of unitholders
held on August 19, 2009.
In connection with the Transaction, on July 24, 2009, the Fund issued
25,562,500 subscription receipts, each representing the right to receive one
trust unit of the Fund ("Unit"), for gross proceeds of approximately $380
million. The proceeds of the subscription receipt offering have been held in
escrow pending today's closing of the Transaction. Upon release, the net
proceeds were applied to satisfy a portion of the purchase price payable by
the Fund on closing of the Transaction. Effective at 5:00 pm (Toronto time)
today, the subscription receipts will be automatically exchanged for Units and
each holder of subscription receipts shall receive a cash payment per
subscription receipt equal to the distribution of 20.834 cents per Unit
declared for the months of July and August 2009. Thereafter, former holders of
subscription receipts will be entitled as Unitholders to receive distributions
as declared by the Fund. The Units will be issued to former holders of
subscription receipts through the facilities of CDS Clearing and Depository
Services Inc. ("CDS") and CDS Book-Entry Only System customer confirmations
will be entered on September 2, 2009, the second business day following the
Transaction closing date. Trading in the subscription receipts on the Toronto
Stock Exchange (the "TSX") will cease immediately and the subscription
receipts will be delisted from the TSX as soon as possible.
As partial consideration for the Transaction, the Fund issued 25,562,500
Units to BRPI. Following closing of the Transaction and the exchange of the
subscription receipts into Units as described above, the Fund will have
104,718,976 Units issued and outstanding and BRPI will continue to hold its
approximate 50.01% ownership interest in the Fund, on a fully-exchanged basis.
Concurrent with the closing of the Transaction, the Fund changed its name
from "Great Lakes Hydro Income Fund" to "Brookfield Renewable Power Fund". The
Units will commence trading under the Fund's new name at the opening of
markets on September 2, 2009 on the TSX, under the new ticker symbol "BRC.UN".
About Brookfield Renewable Power Fund
Brookfield Renewable Power Fund (www.brpfund.com) is a premier Canadian
income fund and one of the largest power income funds in North America with
more than 1,600 megawatts of power generating capacity and average annual
production exceeding 6,350 gigawatt hours.
The Fund produces electricity exclusively from environmentally friendly
and renewable resources. The Fund indirectly owns or holds interests in 42
high quality hydroelectric generating stations and one wind farm in four
distinct geographic regions across North America: Quebec, Ontario, British
Columbia and New England.
Brookfield Renewable Power Inc., which comprises all of the power
operations of Brookfield Asset Management, owns 50.01% of the Fund's
outstanding units on a fully exchanged basis.
The Units are currently listed for trading on the TSX under the symbol
GLH.UN. Effective at the opening of markets on September 2, 2009, the Units
will trade on the TSX under the symbol BRC.UN
For further information:
For further information: please visit www.brpfund.com or contact: Zev
Korman, Director, Investor Relations and Communications, Brookfield Renewable
Power Fund, (416) 359-1955, firstname.lastname@example.org